We must make choices between goods because of this.
What is scarcity?
200
An example is minimum wages.
What is a price floor?
200
National Defense is an example of this.
What is a public good?
200
A country which does not trade with others.
What is autarky?
200
Only two suppliers in the market.
What is duopoly?
200
If accounting profit for a firm is negative, the economic profit must be this.
What is negative?
300
Although FICA tax is paid 50% by employees and 50% by employers, most of the tax burden falls on this group.
What is employees?
300
This describes a good that a consumer must pay for in order to use it.
What is excludable?
300
This occurs to the domestic price of a good when a nation begins to imports that good.
What is fall (or decrease)?
300
Most electric, gas, and water companies.
What is a natural monopoly?
300
This type of cost is included in the calculation of economic profit but not accounting profit.
What is implicit?
400
A limit on the quantity of imported goods.
What is a quota?
400
Fishing in the ocean is an example of this.
What is a common resource?
400
Britain must give up the production of 100 coats to produce 25 additional sweaters. The opportunity cost of producing 4 coats is ____ sweater(s).
What is one?
400
Market structure with the most market power.
What is a monopoly?
400
An input whose quantity cannot be changed in the short run.
What is fixed cost?
500
This occurs from excise taxes, because: (1) the number of transactions in the market is reduced, and (2) some mutually beneficial transactions do not take place.
What is deadweight loss?
500
This is provided by policymakers in order to encourage consumption of a good with positive externalities (ex: flu shot).
What is a subsidy?
500
Countries specialize in producing goods for which they have a(n) _____ advantage.
What is comparative?
500
In a perfectly competitive industry, a firm will shut down in the short run if this occurs.
What is total revenues cannot cover total variable costs?